Integrum Energy Infrastructure

Integrum Energy Infrastructure Limited IPO is a book building issue of 2.41 crore equity shares, consisting of a fresh issue of up to 1.58 crore equity shares and an offer for sale of up to 82.42 lakh equity shares.

The equity shares are proposed to be listed on the National Stock Exchange of India and the Bombay Stock Exchange. Mefcom Capital Markets Limited is the book running lead manager, and KFin Technologies Limited is the registrar of the issue. Key details, such as the IPO dates, price band, and lot size, are yet to be announced.

About Integrum Energy Infrastructure Limited

Integrum Energy Infrastructure Limited was incorporated on February 26, 2021, as Integrum Energy Infrastructure Private Limited under the Companies Act, 2013. The company was subsequently converted into a public limited company following resolutions passed in January and February 2024, and its name was changed to Integrum Energy Infrastructure Limited. Its registered and corporate office is located in Bengaluru, Karnataka.

The company operates in the commercial and industrial renewable energy solutions market, providing integrated services across the renewable energy value chain. Its business activities include renewable energy advisory and project development, engineering, procurement and construction (EPC), commissioning, operations and maintenance (O&M), asset management, and energy optimisation. Its project portfolio covers solar, wind, and hybrid renewable energy projects, along with related energy infrastructure and battery energy storage solutions.

Integrum Energy Infrastructure operates an integrated renewable energy platform that covers project conceptualisation, technical design, engineering, equipment procurement, construction, commissioning, and lifecycle management. It provides turnkey renewable energy projects and related services to commercial and industrial customers. The company operates under customer-owned capital expenditure (CapEx), independent power producer (IPP), and energy-as-a-service (EaaS) models. Under the CapEx model, customers fund and own renewable energy assets, while the company undertakes project execution and related services. Under the IPP model, renewable energy assets are owned through its subsidiary, Integrum Green Assets Private Limited, with power supplied under long-term power purchase agreements. The EaaS model enables customers to access contracted energy outcomes without directly funding, owning, or operating the underlying assets.

The company serves commercial and industrial customers seeking to reduce energy costs, increase renewable energy utilisation, and meet sustainability objectives. Its operations include turnkey solar, wind, and hybrid projects, as well as ongoing operations and maintenance, asset management, energy sourcing optimisation, and technology-enabled energy management services. The company has expanded its operations across multiple Indian states, including Karnataka, Gujarat, Maharashtra, and Tamil Nadu. Its business is supported by subsidiaries engaged in renewable energy generation, energy-as-a-service, and related project activities.

As of August 31, 2026, Integrum Energy Infrastructure Limited employed 111 permanent employees, including 45 engineers, according to its Draft Red Herring Prospectus. The company also engages contract personnel for project development, engineering, procurement, construction, commissioning, operations and maintenance, and other project-related activities.

Industry Outlook

• India's real gross domestic product was estimated to grow by 7.70% in Fiscal 2026, supported by domestic demand, structural reforms, and investment activity, providing a favourable backdrop for increased industrial and commercial energy demand.
• India's cumulative installed solar and wind capacity increased from 64.7 gigawatts in Fiscal 2019 to 219.6 gigawatts by June 2026, registering a compound annual growth rate of 18.4%. Solar accounted for approximately 133 gigawatts of the capacity added during this period.
• India's cumulative renewable energy open access capacity for commercial and industrial consumers, including rooftop solar, stood at approximately 64.2 gigawatts as of June 2026. The market grew at a compound annual growth rate of 22.9% between Calendar Year 2019 and June 2026.
• Solar energy has emerged as a major contributor to India's renewable energy capacity expansion. Rooftop solar capacity increased from 1.8 gigawatts in Fiscal 2019 to 30.1 gigawatts by June 2026, representing a compound annual growth rate of 47.5%. Utility-scale ground-mounted solar capacity reached 125.6 gigawatts during the same period.
• The industry is moving beyond standalone solar and wind projects towards integrated configurations combining multiple renewable energy technologies. Solar-wind hybrid projects, increasingly supported by battery energy storage systems, can help improve power availability, manage generation variability, and align energy supply with customer demand.
• Commercial and industrial consumers are adopting renewable energy through captive, group captive, and third-party open access arrangements. As of June 2026, captive and group captive structures accounted for an estimated 65%–75% of India's renewable energy open access capacity, while third-party-owned models accounted for the remaining 25%–35%.
• The renewable energy value chain remains fragmented across equipment manufacturers, engineering, procurement and construction contractors, and independent power producers. This creates opportunities for integrated service providers offering project development, engineering, construction, operations and maintenance, asset management, and energy optimisation throughout a project's lifecycle.
• Renewable energy projects face challenges relating to regulatory requirements, grid connectivity, transmission infrastructure, project execution, equipment transportation, and cost management. Hybrid projects and remotely located assets can add technical and logistical complexity, while operations and maintenance providers must manage labour costs, weather conditions, and power-generation or uptime commitments.

Integrum Energy Infrastructure Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Funding the incremental working capital requirements of the company.
• Investment in our subsidiary, Integrum Green Assets Private Limited, for financing capital expenditure towards procurement of wind turbine generators and associated equipment.
• Investment in the subsidiary, Integrum Green Assets Private Limited, for the repayment/prepayment, in full or in part, of certain outstanding borrowings.
• Payment of consideration for strategic investment and acquisition of a controlling interest in Stactiv Energy Services Private Limited.
• Towards general corporate expenses.

Financial Performance of Integrum Energy Infrastructure Limited

Integrum Energy Infrastructure Limited Peer Details Comparison